# KBC Groep NV (KBC.BR)

Canonical: https://gigainvestors.com/s/KBC.BR

Analysis as of: 2026-10-16T07:33:52.891Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: EUR 120.65 per share; close as of 2026-10-15.

Estimated value: low EUR 102.32 per share, central EUR 127.90 per share, high EUR 170.54 per share. Buy at or below the central value EUR 127.90 per share. Valuation as of 2026-10-16T07:33:52.891Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; BE 10-year bond 4.3% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2016: EUR 2.4B

- FY2017: EUR 2.5B

- FY2018: EUR 2.5B

- FY2019: EUR 2.4B

- FY2020: EUR 1.4B

- FY2021: EUR 2.6B

- FY2022: EUR 2.8B

- FY2023: EUR 3.4B

- FY2024: EUR 3.4B

- FY2025: EUR 3.6B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 14.5%

- FY2017: 14.3%

- FY2018: 13.6%

- FY2019: 13.0%

- FY2020: 7.0%

- FY2021: 12.0%

- FY2022: 14.4%

- FY2023: 15.5%

- FY2024: 15.6%

- FY2025: 15.0%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 12.9%

- Book return interval: 10 years

- Starting book value per share: EUR 35.53

- Ending book value per share: EUR 59.81

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.3%

- FY2017: 14.6%

- FY2018: 11.8%

- FY2019: 10.3%

- FY2020: 4.2%

- FY2021: 14.5%

- FY2022: 10.3%

- FY2023: 21.5%

- FY2024: 12.6%

- FY2025: 17.2%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.5%

- Diluted shares, 5-year annual growth: -1.4%

- Share growth excluding flagged crisis recapitalisations: -0.5%

- Five-year share growth excluding flagged crisis recapitalisations: -1.4%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.10×

- Book value created per share: EUR 24.28

- Earnings retained per share after dividends and buybacks: EUR 22.15

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 102

- FY2021: 102

- FY2022: 100

- FY2023: 99

- FY2024: 96

- FY2025: 95

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 5.8% a year forever · "Net Interest Income: EUR1.421 billion, driven by a 2.43% increase in customer loans." (finance.yahoo.com, May 2025) · net income +4.5%

Story as of 2026-10-16T09:59:58.093Z; price observation 2026-10-15.

The price assumes profits grow 5.8% a year forever

### Net income · FY2025

net income +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 2.4B 

- FY2017: EUR 2.5B 

- FY2018: EUR 2.5B 

- FY2019: EUR 2.4B 

- FY2020: EUR 1.4B 

- FY2021: EUR 2.6B 

- FY2022: EUR 2.8B 

- FY2023: EUR 3.4B 

- FY2024: EUR 3.4B 

- FY2025: EUR 3.6B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 23.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.891Z); FY2025: revenue 23439000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KBC.BR: KBC Group NV, together with its subsidiaries, provides banking, insurance, and asset management services in Belgium, Bulgaria, the Czech Republic, Hungary, and Slovakia. The company offers demand deposits, time deposits, and savings and current accounts; home and mortgage loans; home insurance; consumer finance and SME funding services, investment fund, and life and non-life insurance; cash management, payments, trade finance, leasing, corporate finance, money and capital market products; and other financial services, such as factoring and stockbroking services. It also provides digital and mobile banking services. In addition, the company engages in the credit institution, software, driving school/roadside assistance business. It primarily serves retail, private banking, small and medium sized enterprises, and mid-cap clients. The company was formerly known as KBC Bank and Insurance Holding Company NV and changed its name to KBC Group NV in March 2005. KBC Group NV was incorporated in 1935 and is headquartered in Brussels, Belgium.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.891Z); 10-year return on tangible equity observations [[2016,0.1451888983983372],[2017,0.14337671193953516],[2018,0.13626926019014315],[2019,0.1299332443257677],[2020,0.06956956956956957],[2021,0.12021191804585306],[2022,0.14439655172413793],[2023,0.1552999178307313],[2024,0.15637878926641635],[2025,0.1502568853701676]]; median 0.14388663183183653. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.891Z); Dividend observations: [[2016,470000000],[2017,1171000000],[2018,1253000000],[2019,1457000000],[2020,50000000],[2021,1433000000],[2022,3585000000],[2023,1663000000],[2024,1942000000],[2025,1646000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 42% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KBC.BR SharesStats.PercentInsiders = 41.967999999999996 percentage points; cache date 2026-10-16.

### What could break it

The risks that had also dominated 2025 were still present at the start of 2026.

- Source: https://filings.xbrl.org/213800X3Q9LSAKRUWY91/2025-12-31/ESEF/BE/1/213800X3Q9LSAKRUWY91-2025-12-31-0-en/reports/213800X3Q9LSAKRUWY91-2025-12-31-0-en.xhtml (filed 2026-04-07); Climate change, global health risks and geopolitical and economic challenges Our financial performance is g of the dollar against the euro, particularly in the first half of 2025. The risks that had also dominated 2025 were still present at the start of 2026. Examples of persistently high geopolitical risks are the US incursion into Venezuela, the situation in Iran, the ongoing war in Ukraine and the debate about Greenland.

### What the price says

The price assumes profits grow 5.8% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:52.891Z); Price 120.65; FX 1; original perpetual distributable cash 5.116175322760173; discount 0.1; growth 0.057594899935680295. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 55.51 per share

- 2016-11: EUR 56.58 per share

- 2016-12: EUR 58.83 per share

- 2017-01: EUR 60.02 per share

- 2017-02: EUR 57.74 per share

- 2017-03: EUR 62.19 per share

- 2017-04: EUR 66.28 per share

- 2017-05: EUR 66.98 per share

- 2017-06: EUR 66.41 per share

- 2017-07: EUR 70.00 per share

- 2017-08: EUR 69.03 per share

- 2017-09: EUR 71.70 per share

- 2017-10: EUR 71.31 per share

- 2017-11: EUR 68.73 per share

- 2017-12: EUR 71.11 per share

- 2018-01: EUR 77.40 per share

- 2018-02: EUR 77.30 per share

- 2018-03: EUR 70.72 per share

- 2018-04: EUR 72.40 per share

- 2018-05: EUR 66.20 per share

- 2018-06: EUR 66.12 per share

- 2018-07: EUR 65.76 per share

- 2018-08: EUR 61.20 per share

- 2018-09: EUR 64.10 per share

- 2018-10: EUR 60.90 per share

- 2018-11: EUR 63.40 per share

- 2018-12: EUR 56.68 per share

- 2019-01: EUR 59.28 per share

- 2019-02: EUR 65.12 per share

- 2019-03: EUR 62.28 per share

- 2019-04: EUR 66.02 per share

- 2019-05: EUR 58.86 per share

- 2019-06: EUR 57.64 per share

- 2019-07: EUR 58.28 per share

- 2019-08: EUR 52.64 per share

- 2019-09: EUR 59.62 per share

- 2019-10: EUR 62.88 per share

- 2019-11: EUR 66.14 per share

- 2019-12: EUR 67.06 per share

- 2020-01: EUR 66.26 per share

- 2020-02: EUR 60.02 per share

- 2020-03: EUR 42.02 per share

- 2020-04: EUR 49.28 per share

- 2020-05: EUR 47.07 per share

- 2020-06: EUR 51.06 per share

- 2020-07: EUR 48.32 per share

- 2020-08: EUR 48.10 per share

- 2020-09: EUR 42.79 per share

- 2020-10: EUR 42.33 per share

- 2020-11: EUR 58.40 per share

- 2020-12: EUR 57.28 per share

- 2021-01: EUR 57.72 per share

- 2021-02: EUR 59.62 per share

- 2021-03: EUR 62.00 per share

- 2021-04: EUR 64.62 per share

- 2021-05: EUR 66.88 per share

- 2021-06: EUR 64.30 per share

- 2021-07: EUR 67.90 per share

- 2021-08: EUR 71.34 per share

- 2021-09: EUR 78.04 per share

- 2021-10: EUR 80.56 per share

- 2021-11: EUR 74.02 per share

- 2021-12: EUR 75.46 per share

- 2022-01: EUR 76.94 per share

- 2022-02: EUR 64.52 per share

- 2022-03: EUR 65.38 per share

- 2022-04: EUR 65.02 per share

- 2022-05: EUR 58.10 per share

- 2022-06: EUR 53.54 per share

- 2022-07: EUR 51.12 per share

- 2022-08: EUR 47.38 per share

- 2022-09: EUR 48.66 per share

- 2022-10: EUR 50.70 per share

- 2022-11: EUR 52.74 per share

- 2022-12: EUR 60.08 per share

- 2023-01: EUR 67.86 per share

- 2023-02: EUR 70.70 per share

- 2023-03: EUR 63.30 per share

- 2023-04: EUR 64.78 per share

- 2023-05: EUR 61.18 per share

- 2023-06: EUR 63.92 per share

- 2023-07: EUR 68.40 per share

- 2023-08: EUR 60.56 per share

- 2023-09: EUR 59.14 per share

- 2023-10: EUR 51.90 per share

- 2023-11: EUR 52.60 per share

- 2023-12: EUR 58.72 per share

- 2024-01: EUR 60.48 per share

- 2024-02: EUR 64.90 per share

- 2024-03: EUR 69.42 per share

- 2024-04: EUR 69.90 per share

- 2024-05: EUR 66.86 per share

- 2024-06: EUR 65.90 per share

- 2024-07: EUR 71.64 per share

- 2024-08: EUR 70.34 per share

- 2024-09: EUR 71.42 per share

- 2024-10: EUR 66.68 per share

- 2024-11: EUR 68.24 per share

- 2024-12: EUR 74.54 per share

- 2025-01: EUR 74.34 per share

- 2025-02: EUR 83.58 per share

- 2025-03: EUR 84.00 per share

- 2025-04: EUR 81.06 per share

- 2025-05: EUR 86.96 per share

- 2025-06: EUR 87.66 per share

- 2025-07: EUR 91.76 per share

- 2025-08: EUR 100.75 per share

- 2025-09: EUR 101.45 per share

- 2025-10: EUR 104.25 per share

- 2025-11: EUR 106.15 per share

- 2025-12: EUR 111.25 per share

- 2026-01: EUR 118.90 per share

- 2026-02: EUR 114.80 per share

- 2026-03: EUR 104.50 per share

- 2026-04: EUR 113.25 per share

- 2026-05: EUR 113.95 per share

- 2026-06: EUR 119.30 per share

- 2026-07: EUR 124.65 per share

- 2026-08: EUR 131.00 per share

- 2026-09: EUR 130.55 per share

- 2026-10: EUR 121.30 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 34.55 per share, central EUR 38.00 per share, high EUR 42.22 per share

- FY2017: low EUR 37.11 per share, central EUR 40.82 per share, high EUR 45.36 per share

- FY2018: low EUR 49.46 per share, central EUR 61.82 per share, high EUR 82.43 per share

- FY2019: low EUR 58.50 per share, central EUR 73.13 per share, high EUR 97.50 per share

- FY2020: low EUR 52.82 per share, central EUR 58.10 per share, high EUR 64.56 per share

- FY2021: low EUR 58.28 per share, central EUR 64.11 per share, high EUR 71.23 per share

- FY2022: low EUR 71.66 per share, central EUR 89.58 per share, high EUR 119.44 per share

- FY2023: low EUR 87.11 per share, central EUR 108.89 per share, high EUR 145.18 per share

- FY2024: low EUR 93.32 per share, central EUR 116.65 per share, high EUR 155.54 per share

- FY2025: low EUR 102.24 per share, central EUR 127.80 per share, high EUR 170.40 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.